Bitcoin worth prolonged good points above the $69,200 resistance zone. BTC is now correcting good points and buying and selling close to the $67,500 pivot stage.
- Bitcoin struggled to check the $70,000 resistance zone and corrected some good points.
- The worth is buying and selling beneath $68,500 and the 100 hourly Simple transferring common.
- There was a break beneath key contracting triangle with assist at $68,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a recent enhance until there’s a shut beneath the $66,500 zone.
Bitcoin Price Dips To Support
Bitcoin worth remained supported above the $66,500 zone. BTC began one other minor enhance above the $68,500 resistance zone. The bulls had been in a position to clear the $69,200 barrier.
However, there was no check of the $70,000 resistance zone. A excessive was fashioned close to $69,428 and the worth is now correcting good points. There was a minor decline beneath the $68,000 stage. There was a break beneath key contracting triangle with assist at $68,500 on the hourly chart of the BTC/USD pair.
The pair examined the $66,500 assist. It is now consolidating above the 23.6% Fib retracement stage of the downward transfer from the $69,428 swing excessive to the $66,564 low.
Bitcoin worth is now buying and selling beneath $68,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $68,000 stage or the 50% Fib retracement stage of the downward transfer from the $69,428 swing excessive to the $66,564 low.
The first key resistance is close to the $68,750 stage. A clear transfer above the $68,750 resistance may ship the worth larger. The subsequent key resistance may very well be $69,200. A shut above the $69,200 resistance may provoke extra good points. In the acknowledged case, the worth may rise and check the $70,000 resistance stage. Any extra good points may ship the worth towards the $70,500 resistance stage.
More Losses In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $67,000 stage.
The first main assist is close to the $66,800 stage. The subsequent assist is now close to the $66,500 zone. Any extra losses may ship the worth towards the $65,500 assist in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $66,800, adopted by $66,500.
Major Resistance Levels – $68,000, and $68,500.
